Do you wish to find out how to open a fixed deposit account with Standard Bank in South Africa? Fixed deposit accounts are great for people looking to save up for some time while earning meaningful amounts of interest. Normally, a fixed deposit account will earn more than leaving your money deposited in an ordinary savings account. You are here because you wish to open a fixed deposit account with Standard Bank, the country’s biggest financial institution by capital. How do you do it?
Steps to open a fixed deposit account
The following is how to open a fixed deposit account with Standard Bank;
- If you do not already have an account with Standard Bank, you will need to visit your nearest Standard Bank branch to open a fixed deposit account. You can also open an account by filling out the Call Me Back form. In both cases, make sure you have all the required documents as outlined below.
- If you are already a Standard Bank customer, and if you use internet banking, you can open a fixed deposit account on the portal. Simply sign in and go to Save & Invest. Next, scroll down to Fixed deposit account. Click on Get Account.
- Those that use the Standard Bank app can also open fixed deposit accounts that way. Sign in and click on More. Choose Open a new account and go to Savings and Investment. Now choose to open a fixed deposit account and click on Open.
Required documents for opening a fixed deposit account
That’s how to open a fixed deposit account with Standard bank in South Africa. We noted that if you are already a Standard Bank customer, you can complete the process via the company’s digital platforms.
That’s on the app and through internet banking. However, if you are new to Standard Bank, you will need to have the following documents in order to open your account;
- Your South African ID.
- If you are not a South African citizen, you can present your passport.
- Proof of residence going back that is less than 3 months old.
Why open a fixed deposit account?
There are a number of reasons why people set out to open fixed deposit accounts. This account is a sort of investment account. You choose the term to which you wish to have your investment run.
For Standard Bank, the term of investment can run up to 5 years. You earn more interest the longer you keep your money within your account.
The good thing is that you are not charged monthly fees, meaning once you have put your money in there, it will start earning.
In this post, we gave you the steps for opening a Standard Bank fixed deposit account. It was noted that such an account is good for those looking to invest their money while earning a respectable amount of interest.
You can still withdraw your money from the fixed deposit account before the end of the agreed to term, but you will incur penalties that reduce your earnings. In any case, it’s better to put money that you are saving for the long term in a fixed deposit account. That’s largely due to the higher than normal interest rates.
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